Texas miners resold the electricity they bought from the state and made $9.5 million, so the mining company partially offset losses from the falling value of bitcoin.
Bloomberg spoke about the smart miners of Texas.
Mining company Riot shut down some of its bitcoin mining equipment during the scorching heat in Texas in July due to increased electricity demand and, as a result, high electricity prices.
By reducing consumption, the company saved 11.7 MW-hours and sold it to the Texas grid company, from whom it previously purchased electricity. According to the company’s own calculations, it managed to earn 9.5 million dollars on this.
Profits from reselling electricity allowed Riot miners to partially offset losses from the falling value of bitcoin. If in July 2021 the company mined 443 bitcoins, estimated at 15.5 million dollars at the current rate, in July 2022 Riot mined 318 bitcoins with an estimated 7 million dollars.
Author:
Kirill Bilyk
Source: RB
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